Fortinet Inc. (NASDAQ:FTNT) had its price objective cut by equities researchers at Wunderlich from $45.00 to $42.00 in a report issued on Wednesday. The brokerage presently has a “buy” rating on the stock. Wunderlich’s target price indicates a potential upside of 34.66% from the stock’s previous close.
FTNT has been the topic of a number of other reports. Pacific Crest upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $47.00 target price on the stock in a research report on Tuesday, August 30th. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $50.00 target price on shares of Fortinet in a research report on Friday, July 15th. Zacks Investment Research lowered shares of Fortinet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 18th. Stephens lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $43.00 to $32.00 in a research note on Wednesday. Finally, Royal Bank Of Canada decreased their price target on shares of Fortinet from $37.00 to $30.00 and set a “sector perform” rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $36.16.
Fortinet (NASDAQ:FTNT) opened at 31.19 on Wednesday. The company has a market cap of $5.39 billion, a PE ratio of 842.97 and a beta of 1.62. The stock’s 50 day moving average price is $35.71 and its 200-day moving average price is $33.60. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63.
Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.14. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The firm had revenue of $311.40 million for the quarter, compared to analysts’ expectations of $304.71 million. During the same period last year, the firm earned $0.11 EPS. The company’s quarterly revenue was up 29.9% on a year-over-year basis. On average, analysts forecast that Fortinet will post $0.70 earnings per share for the current year.
In related news, Director Ming Hsieh sold 23,900 shares of the stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $34.84, for a total value of $832,676.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP John Whittle sold 15,007 shares of the stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $34.91, for a total value of $523,894.37. Following the completion of the transaction, the vice president now directly owns 18,969 shares in the company, valued at approximately $662,207.79. The disclosure for this sale can be found here. Insiders own 16.40% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. State Street Corp raised its position in Fortinet by 1.5% in the first quarter. State Street Corp now owns 4,417,966 shares of the company’s stock valued at $135,328,000 after buying an additional 64,030 shares during the period. Geode Capital Management LLC raised its position in Fortinet by 4.9% in the first quarter. Geode Capital Management LLC now owns 934,608 shares of the company’s stock valued at $28,610,000 after buying an additional 43,232 shares during the period. British Columbia Investment Management Corp raised its position in Fortinet by 82.4% in the second quarter. British Columbia Investment Management Corp now owns 53,021 shares of the company’s stock valued at $1,675,000 after buying an additional 23,949 shares during the period. Jacobs Levy Equity Management Inc. acquired a new position in Fortinet during the first quarter valued at approximately $935,000. Finally, Telemus Capital LLC raised its position in Fortinet by 1.9% in the second quarter. Telemus Capital LLC now owns 7,409 shares of the company’s stock valued at $234,000 after buying an additional 137 shares during the period. 70.65% of the stock is currently owned by hedge funds and other institutional investors.
Fortinet, Inc provides cyber security solutions to enterprises, service providers and government organizations across the world. The Company’s flagship network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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